The US stock market was painted green with Donald Trump’s election victory. While indices hit record highs in the market, the rise in Tesla and bank stocks stood out. Elon Musk, Trump’s biggest supporter, saw his company Tesla surge nearly 15%. This increase added $26.5 billion more to Musk’s wealth.

After Republican candidate Donald Trump was re-elected for his second term as US President, the US stock market rallied to end the day. All three indices in the market hit record highs. The rise in Tesla shares, a company supported by Trump’s media company and Elon Musk, was remarkable. Tesla shares saw an increase of nearly 15%, reaching the highest level of the year. In the last six months of the election campaign, Tesla shares gained 62% in value.

Shares of Trump Media & Technology, Trump’s media company, also rose by about 6%.

ADDING WEALTH Bloomberg Billionaires Index data showed that Elon Musk’s wealth increased by an additional $26.5 billion due to the rise in Tesla shares. Musk, the world’s richest person, now has a total wealth calculated at $290 billion. His closest rival, Jeff Bezos, has $228 billion.

Musk donated over $130 million to Donald Trump’s campaign.

US INDICES HIT RECORD HIGHS The Dow Jones index gained over 1500 points, rising by 3.57% to reach 43,729.93 points. The S&P 500 index increased by 2.53% to 5,929.04 points, and the Nasdaq index rose by 2.95% to 18,983.47 points. The Dow Jones index showed its best daily performance since November 2022. All three indices hit new closing records. BANK STOCKS MOVED UP The rally in financial companies’ stocks also grabbed attention. Shares of US banks such as JPMorgan Chase rose by 11.5%, Bank of America’s shares by 8.4%, and Goldman Sachs and Wells Fargo shares increased by 13.1%.